Sarana Menara Nusantara (Buy, IDR 1,500, +156%) Q4 24 Quick Take: Support from adjacent businesses; earnings inflected on lower D&A
Numbers were decent off its higher growth adjacent businesses where non-Tower contribution now stands at 33% of sales. While near-term tower headwind is anticipated now that the merger between XL and Smartfren is approved, TOWR’s exposure to FTTT and FTTH should act as support as telcos expand into the home broadband and into rural Indonesia.Sarana Menara Nusantara Tbk PT. PT Sarana Menara Nusantara Tbk is an Indonesia-based company engaged in telecommunications infrastructure industry. The Company owns and operates tower sites and repeater sites for lease to wireless communications companies in Indonesia through its subsidiary, PT Profesional Telekomunikasi Indonesia (Protelindo). As of December 31, 2011, Protelindo owned and operated 6,363 tower sites (6,325 tower sites and 38 indoor repeater sites) located all over Indonesia, with its concentration of tower sites in Java, Sumatra, Sulawesi and Kalimantan.
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